Indicate How Each Event Affects the Elements of Financial Statements

question 2

Essay

Indicate how each event affects the elements of financial statements. Use the following letters to record your answer in the box shown below each element. If an event increases one account and decreases another account equally within the same element, record I/D. If an event has no impact on the element, record NA. You do not need to enter amounts. Enter only one letter for each element.Increase = I Decrease = D Not Affected = NADuring the process of preparing the bank reconciliation, an employee for Heath Company discovered that the bank deducted a check from the Hearst Company (a different company).

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Definitions:

Chlorine

A chemical element with symbol Cl and atomic number 17, known for its extensive use in disinfection and as a bleaching agent.

Copper

A red-orange metal that is a ductile, malleable element with very high thermal and electrical conductivity.

Cobalt

Cobalt is a chemical element with symbol Co and atomic number 27, known for its use in alloys and magnets.

Sulfur

A yellow, nonmetallic element that exhibits a characteristic smell and plays a vital role in the chemical industry.